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Is BitTrain A Scam? Cryptocurrency Investment Business Exposed!
Welcome to My BitTrain Review!
Online business opportunities are everywhere, from those with tangible products to selling membership platforms and now this so-called cryptocurrency. And probably some would even buy into the idea of easy money as to what these companies that promote cryptocurrency promise.
BitTrain Review Summary
Founders: John Kin and Allen Coko
Product Type: Multi-Level Marketing
Price: $100 to $250,000 Investment Fee
Quick Summary: Bittrain is a business opportunity with a cryptocurrency investment scheme and it comes with a business platform likened to multi-level marketing (MLM).
BitTrain focuses more on recruitment that’s why it is referred to as a pyramid scheme and even accused of a Ponzi Scheme. With several red flags, definitely hazy for income success!
Overall Rating: 1/10
And probably, that’s one reason why you’re here -- to read an honest BitTrain review.
Rest assured that I’m not affiliated with this cryptocurrency business; I’m just here to provide unbiased feedback to help you decide whether BitTrain is for you or not. So sit back, relax, and read my review.
What Is BitTrain About?
BitTrain is a business opportunity revolving around cryptocurrency investments -- a business that uses a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
It also comes with a business platform likened to a multi-level marketing (MLM) company because of the recruitment involved.
BitTrain is an income opportunity that markets a Bitcoin ICO (Initial Coin Offering -- a cryptocurrency industry’s equivalent to an Initial Public Offering (IPO). ICOs act as a way to raise funds, where a company looking to raise money to create a new coin, app, or service launches an ICO.
Interested investors can buy into the offering and receive a new cryptocurrency token issued by the company. This token may have some utility in using the product or service the company is offering, or it may just represent a stake in the company or project.
As mentioned above, they are utilizing the company’s MLM compensation plan, so you can also earn big by recruiting more to join in the company.
On Bittrain’s website, you can see that the listed owners are John Kin (Bittrain CEO and founder) and Allen Coko ( Bittrain founder), along with master distributors - Dr. Basit Ali Khan of Pakistan and Joao Victor Silva of Brazil which both doesn't have pictures or other details in the website.
But other than that, there are no other company details to when and how the company was established. There wasn’t even enough information online with regards to the company’s founders. The only detail you could find about them on google is about their Bittrain connection. With no other credentials and social media profiles, it would be hard to find these men when something goes wrong. Something fishy is probably going on with these two.
So how do cryptocurrency works? See the video below:
How To Make Money With BitTrain?
You start by filling out a form with your first name, last name, email, username, gender and password for BitTrain.
Accused of a pyramid scheme, Bittrain doesn’t have physical products or services to offer apart from a single business opportunity offered by their cryptocurrency scheme. You will have to buy their coin/trade packages or in short invest money to let it grow.
After signing up as a member, you will choose to buy a specific member pack ranging from $100- $250,000.
As mentioned above, BitTrain though not an MLM company follows a multi-level marketing (MLM) compensation structure. So basically, you’ll earn money through passive income through your investment and by recruitment commissions.
- Weekly Passive Income Through Your Investment - The main source of income is your 8% ROI from your total investment, which depends on the Membership Package you invest in.
- Recruitment Commissions - The referral/recruitment commission is built on a uni-level structure whereas residual ones are handled in a binary structure same as in most MLM companies. You’ll earn a 10% direct referral fee from the membership fees your recruit pays when they sign up for Bittrain and you’ll also earn 10% more as you climb up in their Unilevel ranks.
See more about BitTrain and their compensation plan in this recent video:
Is BitTrain A Scam?
Based on what I’ve researched, most are pointing Bittrain into a Pyramid and Ponzi scheme which is unlawful, even legal authorities have already issued warnings to stay away from these kinds of business schemes.
With all of the red flags, I could say that Bittrain is a SCAM. Because undoubtedly, there’s something really fraudulent on how Bittrain works. And definitely, I don’t recommend anyone to join this cryptocurrency investment trading opportunity.
Aside from the notion that they offer such unrealistic predictions and claims of income, it’s clearly a Pyramid and Ponzi scheme, with no physical or tangible products being sold, they also put a lot of focus on recruitment and in this case you’re making money probably through the people you recruit. They even don’t have business certifications and accreditations that prove their legitimacy.
Being a member you will choose to buy a specific member package and as well as pay the specific investment fee for each package (which is progressing depending on the investment level)
- Starter Pack — Invest $100 + $5 subscription fee
- Medium Trader — Invest $250 + $10 subscription fee
- Active Trader — Invest $500 + $15 subscription fee
- Advance Trader — Invest $1000 + $20 subscription fee
- Pro Trader — Invest $3000 + $20 subscription fee
- Tycoon Trader — Invest $5000 + $25 subscription fee
- Elite Trader — Invest $10,000 + $25 subscription fee
- Premium Trader — Invest $25,000 + $50 subscription fee
- Combo Trader — Invest $50,000 + $100 subscription fee
- Mega Combo Trader — Invest $100,000 + $100 subscription fee
- Mellenium Combo Trader — Invest $250,000 + $500 subscription fee
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In my deliberate honest opinion, there’s nothing I really like about this company because clearly, it is a SCAM! And I couldn’t even commend Bittrain of something good or positive since it’s of a Ponzi and Pyramid scheme, definitely fraudulent in any way.
BitTrain is a PONZI Scheme which is unlawful and an unsustainable scheme. So, it is illegal and definitely a scam. By the way, a Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.
The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. With no physical or tangible products, Bittrain operates on this model.
Since the source of income is of course from recruitment which is from the investments of those recruits from the lower tier and technically, Bittrain can give income only for those among the first ones to join.
Bittrain may entice people with its easy money promises but chances are hazy, especially for those on the lower tier or the new investors.
Unrealistic Predictions And Claims Of Income
With overly confident claims on market prediction and income, marks as well a red flag to this company. They claim that their token value will rise to $50000 in 2020.
Quite so much to claim for because even expert traders don’t have such claims when it comes to legit coins. Legit trading platforms who trade these cryptocurrencies will never make any promises about incomes or profits but they would rather inform and remind you of the probable risks of investing in such business platforms.
It would be nice and realistic if Bittrain gives facts and results, not just empty promises and predictions. Surely deceptive in any way!
Definite Chances Of Closing
Since Bittrain operates in a Ponzi scheme which is an unsustainable business model, it will have great chances of closing when members can’t find more recruits. Because income is from the investment of the new recruits, the income stream will stop.
Thus, the cause of members losing money and closing of the business will follow. With all the red flags, clearly Bittrain is a scam. When the truth is exposed, it will cease to operate and close or if theFederal Trade Commission (FTC) will shut them down.
Everything it does tells us of a Pyramid Scheme. See the guidelines of the Federal Trade Commission (FTC) or of any governing body with regards to a Pyramid Scheme.
- Too much focus on recruitment
- No physical product or service to market
- Income opportunity is reliant on recruitment, and not sales
BitTrain claims that they have a successful ICO (Initial Coin Offering) but to what I’ve searched, I can’t find any information about any trades about their token. There are even no forum postings or news articles about suggesting transactions about the said coin.
Expensive To Join
Yes joining Bittrain is pretty much costly, membership packages of investment will even cost you up to $250,000. You will as well pay subscription fees which also rises in amount depending on how high your investment is. With low chances of ROI, especially to new investors, better back off now! Don’t let a big amount of money being scammed for nothing!
Not Enough Information On Founder
On Bittrain’s website, you can see enough information about the listed owners are John Kin and Allen Coko. The only detail you could find about them on google is about their Bittrain connection.
With no other credentials and social media profiles, it would be hard to find these men when something goes wrong. Something fishy is probably going on with these two.
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In closing, definitely, I would not recommend you to join BitTrain. First and foremost is because it is a SCAM. It operates in various fraudulent ways such a being a business with a Ponzi Scheme.
Those who first joined and invested can definitely gain money but those who are on the lower tier, including you (if you will opt to join), have no chance of success. ROI can really be hazy. Don’t get enticed with the idea of easy money because most of the time it is deceptive and just an empty promise.
If a business operates on such fraudulent ways, hard work, skills, and guts would be a waste. It would even cost you a lot of money. You’ll probably just be wasting your money for nothing.
Don’t be deceived! Invest your time, money and effort on earning opportunities that are honorable, trustworthy and safe.
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Thank you for reading my BitTrain review and if you have any questions or comments, please feel free to drop it down below.